How to Draw Fibo Extension Levels on MetaTrader 5

The steps below show how to place Fibo Expansion areas on MT5 & how to change its settings. This tutorial also explains how to trade Bitcoin using this Fib Expansion tool.

How to Add This Fib Expansion Levels Tool on MetaTrader 5

Steps: This Fib Expansion tool is not displayed by default in MetaTrader 5 default settings, if the button does not appear on your MetaTrader 5, (no need to download this tool) then locate the "MetaTrader 5 Line Studies Toolbar" shown below and follow the steps discussed below:

MT5 Line Studies ToolBar

MT5 Line Studies ToolBar - Bitcoin Software

Customize Line Studies Tool-Bar

Right Click the Customize button (illustrated below) >>> A drop-down menu appears, Select Customize >>>

Customize Line Studies Toolbar MetaTrader 5 Software

Place This Tool on MetaTrader 5

Select the extension tool from the pop up window that will then appear >>> Press Insert button >>> Click Close. (Shown Below)

Place Fibo Expansion Tool on MT5

Fib Expansion Technical Indicator Tool Added

Fib Expansion Levels Tool Added to MetaTrader 5

Shortcut of How to Add Fib Expansion Tool

You can also use this short-cut instead of the above method, do this:Click "Insert Menu"Click ObjectsClick FibonacciClick Bitcoin Fib Expansion

Steps on How to Draw Fibo Expansion Levels on MT5

Steps: Once you have added this Fibonacci expansion button, you can draw this Fib Expansion tool by selecting it and drawing it on a Bitcoin price chart. The three chart points will be marked 1, 2 and 3, select the Fibo Expansion indicator, place the indicator on chart point 1 and while still holding down the mouse button drag the mouse upward to chart point marked 2.

How to Draw Fibo Expansion Areas on a Bitcoin Price Chart

How to Adjust Fibo Expansion Tool on a Bitcoin Chart

Steps: Once you have drawn this Fibonacci extension technical indicator, you might need to move one chart point or another to the precise position where you precisely want. These three chart points are marked 1, 2 and 3 and these are used to change the settings after this Fibonacci extension technical indicator has been drawn on a Bitcoin price chart.

To change the Fibo Expansion settings: do this, double click the trading indicator, it appears as dotted lines (shown and illustrated above), 3 cursor points will show which are marked 1 2 3, you can then use these 3 points to adjust and fit the indicator accordingly to your BTCUSD Crypto Currency price chart (just click the point you want to move each Fib Expansion point to).

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